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20.03.2020

Coronavirus makes Volvo suspend production

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The company also resumes manufacturing in China where the infection rate has slowed

Stocks impacted: Volvo AB (VOLVB)

The Swedish carmaker is suspending production at its factories in Sweden, the United States and Belgium, citing the coronavirus outbreak. The factories will be closed between March 26 and April 14. In its statement, Volvo pointed to some problems in the logistics supply side and to the need in drastic measures. The financial impact, that also depends on how different countries reacted to contain the virus, would become clearer when the carmaker published first-half earnings. The company plans to monitor the situation and pass along additional decisions every week. Volvo stocks are trading 1.65% higher on Friday.

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